Mambu, a leading cloud banking platform, and newly launched mortgage lender, Interbridge Mortgages, have announced a strategic partnership helping Interbridge Mortgages launch a second charge product in just nine months and facilitating their entry to the UK mortgage market.
Interbridge Mortgages’ launch in early 2024 is set to redefine the second charge mortgage sector in the UK through tailored financial solutions to brokers and customers across England, Scotland and Wales. Together with Mambu, they aim to deliver competitive customer-centric mortgage products through a seamless, technology-driven approach.
To power their market entry, Interbridge Mortgages required a modern, flexible core banking solution that could integrate smoothly within its broader SaaS ecosystem including its CRM systems and 3rd party solutions for payment collections and processing. Mambu was chosen for its best-in-class integration capabilities, low-code / no-code configurability, and proven track record in the global lending space making it a clear choice for Interbridge Mortgages.
Leveraging Mambu’s retail mortgages offering, Interbridge Mortgages has successfully launched its second charge mortgage solution with sixteen variants, including both variable and fixed rates, with and without early repayment charges (ERCs). The flexibility of the Mambu platform allowed them to configure and deploy all sixteen product variants in as little as nine months without code-writing.
The partnership with Mambu has allowed the lender to generate income from day one, already supporting 1000 customers. In just three months, over £60 million in loans have been distributed.
Jonny Jones, CEO at Interbridge Mortgages said: “As a new lender, we needed a fast, efficient solution to enter the market without overextending our resources while also equipping us with an extensive mortgage platform to ensure we’re ready for future growth.
With Mambu, we launched our second charge mortgage offering, including all sixteen product variants, in just nine months. Three months after the launch, we’ve already supported 1,000 customers and distributed £60 million in loans. Reaching these significant milestones in such a short time is a testament to the flexibility and scalability of the Mambu platform, making them the ideal partner for our growth. We look forward to continuing this partnership as we build on our phenomenal launch.”
Mark Geneste, Chief Revenue Officer at Mambu said: “We are thrilled to be working with Interbridge Mortgages and have the pleasure of witnessing their venture into the second charge mortgages market. The lending market is constantly changing and cloud-based solutions have proven to be the best way to meet this change head on.
Mambu’s mortgage products provide endless benefits for lenders by helping to provide the agility, flexibility, and innovation that lenders need to stay competitive and consistently meet customer expectations. It is great to see that Interbridge Mortgages have experienced these benefits since implementing our core banking platform. We look forward to continuing to collaborate and help to transform the lending landscape going forward, creating a space where innovation meets customer expectations.”